Finance Abu Dhabi’s IHC raises stake in India’s Adani Enterprises By Pramod Kumar October 4, 2023, 5:51 AM Reuters/Amit Dave The probe is part of Sebi's investigation into the Indian conglomerate, which follows a January report by short-seller Hindenburg Research Abu Dhabi-headquartered International Holding Company (IHC) has increased its stake in India’s Adani Enterprises Limited to more than five percent after selling stakes in two other Adani Group companies last week. With investments in airports, data centres, green hydrogen, and various other verticals, Adani Enterprises is “poised to capitalise on India’s robust growth journey”, the company said in a statement to the Abu Dhabi Securities Exchange. Abu Dhabi’s IHC to sell stake in two Adani entities Abu Dhabi firm launches $50bn asset manager Abu Dhabi’s IHC to focus on domestic acquisitions According to a Bombay Stock Exchange filing, IHC increased its stake by 0.06 percent to 5.04 percent, estimated at ₹1.54 billion ($18.46 million). That was reported by Mint, an Indian financial daily, based on Tuesday’s volume-weighted average price of AEL. IHC last week said it will sell its 1.26 percent stake in Adani Green Energy Ltd and 1.41 percent stake in Adani Energy Solutions as part of its portfolio rebalancing strategy. IHC last year invested $2 billion in three Adani Group firms – Adani Green Energy, Adani Energy Solutions and Adani Enterprises. The Abu Dhabi entity in January invested $400 million in Adani Enterprises’ public offer, which Adani Group head Gautam Adani later called off. IHC is part of a business conglomerate led by its chair, Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser and brother of President Sheikh Mohammed bin Zayed Al Nahyan.
